UOB One Savings Account: Is it Worth the Hype?
UOB One Savings Account: Is it Worth the Hype?
ValueChampion Rating 
Pros
- Salaried consumers interested in a UOB credit card
- People looking for a relatively low-maintenance account
- Consumers with limited financial product engagements
Cons
- Financially-savvy consumers involved with many banking products
- Consumers who grow their balance size every month
UOB One Savings Account is a great option for consumers seeking high interest rates without the complicated tracking associated with most multi-product accounts. This account, in fact, bases its rewards simply on salary crediting (or making monthly GIRO debit transactions) and use of a UOB credit card. Despite the simplicity, account holders can earn up to a relatively competitive effective interest rate [EIR] of 5.00% p.a.–meaningfully above the market average. Interest earned peaks for account balances of S$100k, so UOB One is best fit for average consumers with moderate-to-high savings. This makes it one of the best savings accounts in Singapore for big-savers and those seeking convenience.
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Pros:
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Cons:
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What Makes UOB One Savings Account Stand Out
Average consumers who want to enjoy high interest rates without committing to multiple bank products or spending extra time on financial tracking are likely to benefit from UOB One Savings Account. Account holders earn an easy +0.60% p.a. bonus on top of the 0.05% p.a. base rate just for spending S$500/month with a select UOB Credit Card (UOB One, UOB EVOL, or UOB Lady's). Consumers can then build their interest rate further by crediting a salary of S$1.6k+ or by making 3 GIRO debit transactions/month.
In the case of salary crediting/GIRO transactions, bonus rates increase with each incremental band of the balance size: the 1st S$30k earns up to +3.80% p.a. bonus, the next S$30k (amount between S$30k–S$60k) earns up to +3.85% p.a., the next S$15k (amount between S$60k–S$75k) earns up to +4.80% p.a. The highest band (amount between S$75k–S$100k) earns up to an incredible +7.75% p.a. bonus, which highly incentivises consumers to maintain a peak balance of S$100k (amounts higher only earn at base rate). As a result, UOB One Account is best for moderate-to-high savers, who are most likely to meet requirements and earn the maximum EIR of 5.00% p.a.
UOB One Savings Account Interest Rates
| Rate Type | Details & Requirements | Interest Rate |
|---|---|---|
| Base Rate | No Requirements; applied to entire balance | 0.05% p.a. |
| Credit Card Bonus |
| +0.60% p.a. |
| Salary/GIRO Bonus |
| GIRO:+2.00% p.a. on first S$30k Salary:+ 3.80% p.a. on the first S$30k |
| GIRO:+ 2.45% p.a. on next S$30k Salary:+ 3.85% p.a. on next S$30k | ||
| GIRO:+3.95% p.a. on next S$15k Salary:+ 4.80% p.a. on next S$30k | ||
| Salary:+7.75% p.a. on next S$25k | ||
| Max Effective Interest Rate: | 5.00% p.a. (at S$100k balance) | |
| UOB One Account Interest Rates |
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Base Rate: No requirements (applied to entire balance)
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Credit Card Bonus: Spend S$500/month on UOB One, UOB YOLO, or UOB Lady's Card (bonus interest added to base rate)
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Salary/GIRO Bonus: Credit S$2k+ salary to account or make 3 GIRO debit transactions per month (bonus rates added to base rate & applied to specific band of balance)
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| UOB One Card | |
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| UOB EVOL Card | |
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UOB One Card
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UOB YOLO Card
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UOB One Savings Account does have a few drawbacks. While it's maximum EIR is still quite high by market standards, consumers can potentially earn higher rates with more complex accounts. Such accounts tend to offer additional ways to earn bonus rates, such as engaging with bank products (like loans and investments) or consistently growing their balance. In some cases, multi-product accounts–like OCBC 360 Account–offer a higher EIR for identical consumer behavior, while also providing the opportunity for added rewards with expanded involvement.
UOB One Savings Account Details & Requirements
| Details & Requirements | |
|---|---|
| Minimum Age Requirement | 18 |
| Minimum Initial Deposit | S$1,000 |
| Minimum Balance Requirement | S$1,000 |
| Fall-Below Fee | S$5 (No Waiver) |
How Does UOB One Savings Account Compare to Other Accounts?
Read our comparisons of UOB One Savings Account with other savings accounts and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.
UOB One Savings Account v. OCBC 360 Savings Account
- Min. Age Requirement
- 18
- Min. Initial Deposit
- S$1,000
- Min. Balance Requirement
- S$3,000
If you have a fixed, dependable budget and consistent saving behaviour, you may be able to maximise interest earned with OCBC 360 Savings Account. This account–which also favors product engagement–offers top bonus rates for consistent deposits, salary crediting, OCBC credit card use, and engaging with OCBC insurance or investments. Peak interest is reached at S$100k balance, with a maximum EIR of 7.65% p.a.–one of the highest on the market.
While there are many options to earn bonuses, each can be unlocked individually–meaning consumers can still earn high rates just for crediting their salary and spending with a credit card. This is ideal for individuals who don't want to engage with banking products now, but may be interested down the road. UOB One Account, however, may be a better match for those seeking a simpler account without potentially confusing "extras."
| Rate Type | Details & Requirements | Interest Rate |
|---|---|---|
| Base Rate | No Requirements; applied to entire balance | 0.05% p.a. |
| Grow Bonus |
| +2.40% p.a. on first S$100k |
| Save Bonus |
| +1.20% p.a. on first S$75k |
| +2.40% p.a. on next S$25k | ||
| Spend Bonus |
| +0.60% p.a. on first S$100k |
| Salary Bonus |
| +.2.00% p.a. on first S$75k |
| +4.00% p.a. on next S$25k | ||
| Invest Bonus |
| +1.20% p.a. on first S$75k |
| +2.40% p.a. on next S$25k | ||
| Invest Bonus |
| +1.20% p.a. on first S$75k |
| +2.40% p.a. on next S$25k | ||
| Max Effective Interest Rate: | 7.65% p.a. (at S$100k balance) | |
| OCBC 360 Account Interest Rates | ||
|---|---|---|
| Base Rate | No Requirements; applied to entire balance | 0.05% p.a. |
| Grow Bonus |
| +2.40% p.a. on first S$100k |
| Save Bonus |
| +1.20% p.a. on first S$75k |
| +2.40% p.a. on next S$25k | ||
| Spend Bonus |
| +0.60% p.a. on first S$100k |
| Salary Bonus |
| +.2.00% p.a. on first S$75k |
| +4.00% p.a. on next S$25k | ||
| "Invest" Bonus |
| +1.20% p.a. on first S$75k |
| +2.40% p.a. on next S$25k | ||
| "Wealth" Bonus |
| +1.20% p.a. on first S$75k |
| +2.40% p.a. on next S$25k | ||
Max Effective Interest Rate:
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UOB One Savings Account v. Maybank SaveUp Savings Account
- Min. Age Requirement
- 16
- Min. Initial Deposit
- S$500 for Singaporeans & PR, S$1,000 for foreigners
- Min. Balance Requirement
- S$1,000
Average consumers with broader financial responsibilities can easily earn top interest rates with Maybank SaveUp Savings Account. Account holders earn high base rates of up to 0.2500% p.a. (compared to the market norm of 0.05% p.a.), plus bonuses of up to +2.75% p.a. for engaging with Maybank financial products. These products include salary crediting / GIRO payments, credit card spend, Maybank insurance, a variety of loans (home, renovation, education, car) as well as investments. Maybank SaveUp Savings Account especially stands out as interest peaks with a 3.00% p.a. EIR at just S$50k balance, which is quite reasonable for the average consumer. Individuals who aren't interested in multi-product engagement, however, may earn more with UOB One Account.
| Rate Type | Details & Requirements | Interest Rate |
|---|---|---|
| Base Rate |
| 0.15% p.a. on 1st S$3k |
| 0.25% p.a. on next S$47k | ||
| 0.25% p.a. beyond S$50k | ||
| Product Bonus |
| +0.10% p.a. for 1 product |
| +0.7% p.a. for 2 products | ||
| +2.75% p.a. for 3+ products | ||
| Max Effective Interest Rate: | 3.00% p.a. (at S$50k balance) | |
| Maybank SaveUp Savings Account Interest Rates |
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Base Rate: No requirements (rate varies according to band of balance)
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Product Bonus: Use at least 1 Maybank service or product, ie loan, insurance, investment, credit card etc. (bonus interest based on number of products & applied to entire balance, up to 1st S$50k)
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UOB One Savings Account v. DBS Multiplier Account
- Min. Age Requirement
- 18
- Min. Initial Deposit
- S$0
- Min. Balance Requirement
- S$3,000
Consumers with high financial involvement and who are comfortable tracking multiple products and monthly transactions may benefit substantially from DBS Multiplier Account. Interest is based on balance size, product engagement, and monthly volume of such product transactions. For example, consumers can boost their rates through engagement with DBS credit cards, loans, insurance, and investments. Rate increases are also tied to transactional volume, with higher rates awarded to larger volumes. The intersection of these factors, plus the influence of balance size, can result in a bonus structure that is quite complicated and difficult to follow. However, those who meet peak criteria in all categories can earn the highest maximum EIR on the market, up to 3.00% p.a. (at S$100k balance). Average consumers seeking an easier-to-understand account are likely to prefer UOB One Account.
| DBS Multiplier Interest Rate Grid | |||
|---|---|---|---|
| Transactions/Month |
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| < S$2k | 0.05% | 0.05% | 0.05% |
| S$2k – below 2.5k | 0.40% | 0.60% | 1.20% |
| S$2.5k – below S$5k | 0.40% | 0.70% | 1.40% |
| S$5k – below S$15k | 0.50% | 0.80% | 1.60% |
| S$15k – below S$30k | 0.50% | 1.00% | 1.70% |
| S$30k+ | 0.60% | 2.00% | 3.00% |
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| Max Effective Interest Rate: | 3.00% p.a. (at S$100k balance) | ||
| DBS Multiplier Interest Rate Grid | |||
|---|---|---|---|
| Transactions/Month |
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| < S$2k | 0.05% | 0.05% | 0.05% |
| S$2k – below 2.5k | 0.40% | 0.60% | 1.20% |
| S$2.5k – below S$5k | 0.40% | 0.70% | 1.40% |
| S$5k – below S$15k | 0.50% | 0.80% | 1.60% |
| S$15k – below S$30k | 0.50% | 1.00% | 1.70% |
| S$30k+ | 0.60% | 2.00% | 3.00% |
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| Max Effective Interest Rate: | 3.00% p.a. (at S$100k balance) | ||
